TPG Telecom shares drop 11 pct after it misses Leighton asset sale

February 19, 2013|Reuters

SYDNEY, Feb 20 (Reuters) - Shares in Australia's TPG TelecomLtd plummeted as much as 11 percent after the companymissed out on the sale of assets by Leighton Holdings Ltd.

Leighton said on Wednesday it was in exclusive negotiationsto sell 70 percent of its telecommunication assets, includingits NextGen Networks fibre-optic business, to Canada's OntarioTeachers' Pension Plan in a deal worth A$885 million ($916million).

TPG had been in the final round of bidding with the Canadianfund.

Its shares were down 9 percent at A$2.54 at 0500 GMT afterearlier falling as low as A$2.46.